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SEGMENTS | 9 Months Ended
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Sep. 30, 2014
Segment Reporting [Abstract] |
SEGMENTS |
| 11. | SEGMENTS
a. Segment Reporting The Company manages its business in three segments: Commercial Trailer Products, Diversified Products and Retail. The Commercial Trailer Products segment produces and sells new trailers to the Retail segment and to customers who purchase trailers directly from the Company or through independent dealers. The Diversified Products segment focuses on the Company’s commitment to expand its customer base, diversify its product offerings and revenues and extend its market leadership by leveraging its proprietary DuraPlate® panel technology, drawing on its core manufacturing expertise and making available products that are complementary to truck and tank trailers and transportation equipment. The results related to the purchased Beall assets from the date of the purchase, February 4, 2013, are included in the Diversified Products segment. The Retail segment includes the sale of new and used trailers, as well as the sale of after-market parts and service, through its retail branch network. The Company has not allocated certain corporate related administrative costs, interest and income taxes included in the corporate and eliminations segment to the Company’s other reportable segments. The Company accounts for intersegment sales and transfers at cost plus a specified mark-up. The Company manages its assets on a consolidated basis, not by operating segment, as the assets of the Diversified Products segment are intermixed with those of the Commercial Trailer Products segment. Therefore, our chief operating decision maker does not review any asset information by operating segment and, accordingly, we do not report asset information by operating segment. Reportable segment information is as follows (in thousands):
|  | Commercial |  | Diversified |  |  |  |  | Corporate and |  |  |  |
|  | Trailer Products |  | Products |  | Retail |  | Eliminations |  | Consolidated |
Three Months Ended September 30, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External customers |  | $ | 333,873 |  | $ | 112,860 |  | $ | 44,964 |  | $ | - |  | $ | 491,697 |
Intersegment sales |  |  | 17,771 |  |  | 19,319 |  |  | 202 |  |  | (37,292) |  |  | - |
Total net sales |  | $ | 351,644 |  | $ | 132,179 |  | $ | 45,166 |  | $ | (37,292) |  | $ | 491,697 |
Income (Loss) from operations |  | $ | 26,429 |  | $ | 12,027 |  | $ | 859 |  | $ | (4,386) |  | $ | 34,929 |
Reconciling items to income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (5,454) |
Other, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (610) |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 28,865 |
2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External customers |  | $ | 276,564 |  | $ | 117,990 |  | $ | 45,423 |  | $ | - |  | $ | 439,977 |
Intersegment sales |  |  | 16,946 |  |  | 14,141 |  |  | 573 |  |  | (31,660) |  |  | - |
Total net sales |  | $ | 293,510 |  | $ | 132,131 |  | $ | 45,996 |  | $ | (31,660) |  | $ | 439,977 |
Income (Loss) from operations |  | $ | 17,323 |  | $ | 18,538 |  | $ | 743 |  | $ | (2,774) |  | $ | 33,830 |
Reconciling items to income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (6,252) |
Other, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (605) |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 26,973 |
|  | Commercial |  | Diversified |  |  |  |  | Corporate and |  |  |  |
|  | Trailer Products |  | Products |  | Retail |  | Eliminations |  | Consolidated |
Nine Months Ended September 30, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External customers |  | $ | 859,867 |  | $ | 334,281 |  | $ | 141,690 |  | $ | - |  | $ | 1,335,838 |
Intersegment sales |  |  | 54,880 |  |  | 52,890 |  |  | 696 |  |  | (108,466) |  |  | - |
Total net sales |  | $ | 914,747 |  | $ | 387,171 |  | $ | 142,386 |  | $ | (108,466) |  | $ | 1,335,838 |
Income (Loss) from operations |  | $ | 58,447 |  | $ | 37,623 |  | $ | 3,190 |  | $ | (11,011) |  | $ | 88,249 |
Reconciling items to income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (16,904) |
Other, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,626) |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 69,719 |
2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External customers |  | $ | 704,712 |  | $ | 338,937 |  | $ | 133,683 |  | $ | - |  | $ | 1,177,332 |
Intersegment sales |  |  | 52,708 |  |  | 40,677 |  |  | 1,292 |  |  | (94,677) |  |  | - |
Total net sales |  | $ | 757,420 |  | $ | 379,614 |  | $ | 134,975 |  | $ | (94,677) |  | $ | 1,177,332 |
Income (Loss) from operations |  | $ | 37,197 |  | $ | 51,320 |  | $ | 2,877 |  | $ | (12,256) |  | $ | 79,138 |
Reconciling items to income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (20,364) |
Other, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,300 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 60,074 |
b. Product Information The Company offers products primarily in four general categories: (1) new trailers, (2) used trailers, (3) components, parts and service and (4) equipment and other. The following table sets forth the major product categories and their percentage of consolidated net sales (dollars in thousands):
|  | Commercial |  | Diversified |  |  |  |  |  |  |  |  |  |
|  | Trailer Products |  | Products |  | Retail |  | Consolidated |
|  | $ |  | $ |  | $ |  | $ |  | % |
Three Months Ended September 30, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New trailers |  |  | 326,679 |  |  | 53,689 |  |  | 20,701 |  |  | 401,069 |  |  | 81.6 |
Used trailers |  |  | 1,956 |  |  | 908 |  |  | 4,164 |  |  | 7,028 |  |  | 1.4 |
Components, parts and service |  |  | 817 |  |  | 20,936 |  |  | 19,228 |  |  | 40,981 |  |  | 8.3 |
Equipment and other |  |  | 4,421 |  |  | 37,327 |  |  | 871 |  |  | 42,619 |  |  | 8.7 |
Total net external sales |  |  | 333,873 |  |  | 112,860 |  |  | 44,964 |  |  | 491,697 |  |  | 100.0 |
|  | Commercial |  | Diversified |  |  |  |  |  |  |  |  |  |
|  | Trailer Products |  | Products |  | Retail |  | Consolidated |
|  | $ |  | $ |  | $ |  | $ |  | % |
2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New trailers |  |  | 263,018 |  |  | 55,997 |  |  | 20,899 |  |  | 339,914 |  |  | 77.3 |
Used trailers |  |  | 9,092 |  |  | 792 |  |  | 3,442 |  |  | 13,326 |  |  | 3.0 |
Components, parts and service |  |  | 1,175 |  |  | 26,648 |  |  | 20,101 |  |  | 47,924 |  |  | 10.9 |
Equipment and other |  |  | 3,279 |  |  | 34,553 |  |  | 981 |  |  | 38,813 |  |  | 8.8 |
Total net external sales |  |  | 276,564 |  |  | 117,990 |  |  | 45,423 |  |  | 439,977 |  |  | 100.0 |
|  | Commercial |  | Diversified |  |  |  |  |  |  |  |  |
|  | Trailer Products |  | Products |  | Retail |  | Consolidated |
|  | $ |  | $ |  | $ |  | $ |  | % |
Nine Months Ended September 30, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New trailers |  |  | 825,859 |  |  | 162,627 |  |  | 65,283 |  |  | 1,053,769 |  |  | 78.9 |
Used trailers |  |  | 21,788 |  |  | 3,345 |  |  | 12,970 |  |  | 38,103 |  |  | 2.9 |
Components, parts and service |  |  | 2,085 |  |  | 71,564 |  |  | 60,868 |  |  | 134,517 |  |  | 10.1 |
Equipment and other |  |  | 10,135 |  |  | 96,745 |  |  | 2,569 |  |  | 109,449 |  |  | 8.1 |
Total net external sales |  |  | 859,867 |  |  | 334,281 |  |  | 141,690 |  |  | 1,335,838 |  |  | 100.0 |
|  | Commercial |  | Diversified |  |  |  |  |  |  |  |  |  |
|  | Trailer Products |  | Products |  | Retail |  | Consolidated |
|  | $ |  | $ |  | $ |  | $ |  | % |
2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New trailers |  |  | 670,869 |  |  | 150,750 |  |  | 60,706 |  |  | 882,325 |  |  | 74.9 |
Used trailers |  |  | 20,407 |  |  | 2,412 |  |  | 9,747 |  |  | 32,566 |  |  | 2.8 |
Components, parts and service |  |  | 6,576 |  |  | 75,962 |  |  | 59,575 |  |  | 142,113 |  |  | 12.1 |
Equipment and other |  |  | 6,860 |  |  | 109,813 |  |  | 3,655 |  |  | 120,328 |  |  | 10.2 |
Total net external sales |  |  | 704,712 |  |  | 338,937 |  |  | 133,683 |  |  | 1,177,332 |  |  | 100.0 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
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